Auction experiments were used to examine demand relationships and willingness to pay (WTP) for organic, rBST-free, no antibiotics used, and conventional milk. Elasticities showed strong substitute and complement relationships between organic, rBST-free, and no antibiotics varieties. The sum of...

We compare the ability of three preference elicitation methods (hypothetical choices, nonhypothetical choices, and nonhypothetical rankings) and three discrete-choice econometric models (the multinomial logit [MNL], the independent availability logit [IAL], and the random parameter logit [RPL])...

The article develops a conceptual model of the consumer value of complementarity and illustrates its usefulness in an application to fisheries. Complementarity arises when some goods have a positive effect on the marginal value of other goods. We propose a measurement of the value of...

The aim of the paper is twofold: to carry out a contingent valuation (CV) study of Napoli Musei Aperti, a cultural public good provided by the city of Naples, and to explore some alternative schemes of cultural policy. Revealing individual preferences is a necessary condition for optimal...

Laboratory experiments have provided useful information about how people behave in risky siluations. In particular, such experiments have allowed for the observation of many deviations from the predictions of expected utility theory. There is some dispute, however, over the effect ofthe use of...

This article examines the current tort doctrine that values companion animals only at fair market value, which is minimal for most pets. The author argues that this rule severely undercompensates most plaintiffs whose companion animals are destroyed through another's negligent or intentional...

The contingent valuation (CV) method is an attractive approach for comparing home care to hospital care in which the only difference is patients' well-being during the treatment process and not health outcomes. We considered the empirical situation of blood transfusion (BT) in cancer patients...

This study investigates whether shareholders are willing to pay for higher levels of corporate financial, social, and environmental disclosure. We conduct a choice-based conjoint experiment wherein 65 shareholders are asked to make 12 choices, choosing each time between two predetermined...

Consumer researchers frequently employ valuation experiments to assess consumer opinionsand test related hypotheses. One popular method used in many such experiments is the Becker-DeGroot-Marschak (BDM) single-response value elicitation procedure that initiates an incentive forthe subjects to...

Marketers routinely make use of stated consumer preferences and the relative attribute importance weights implied by these preferences when making decisions on issues such as advertising messages and product design. Using this information as a basis for managerial decision-making is risky,...